88 Energy executes rig contract for Alaskan drilling

Dual listed explorer 88 Energy updated investors on operations at its Western Blocks project on Wednesday.

88 Energy, via the firm's wholly-owned subsidiary Captivate Energy Alaska, has executed a rig contract for the drilling of the Winx Prospect, located on the Western Blocks of Alaska's North Slope.

The Winx well will test a 3D seismically defined oil prospect in the Nanushuk play fairway - made up of multiple stacked objectives with a gross mean unrisked prospective resource of 400 million barrels of oil and a geological chance of success in the range of 25-30%.

88 Energy's managing director, Dave Wall, said: "The execution of a rig contract is an important milestone for the consortium as plans progress to drill the large Winx prospect in the first quarter of 2019."

As of 0855 BST, 88E shares had risen 1.91% to 1.20p.